大摩：料建发国际集团本月在上海项目推动股价上升 目标价23.51港元

Core Viewpoint - Morgan Stanley has issued a report maintaining an "Overweight" rating for Jianfa International Group (01908) with a target price of HKD 23.51, highlighting the company's strong sales performance and potential for profit margin recovery [1] Group 1: Company Performance - Jianfa International launched its flagship project in Yangpu, Shanghai, in the fourth week of this month, with expected initial unit sales rate exceeding 90% and a net profit margin over 10% [1] - The potential success of this project is anticipated to further validate the company's ongoing strong sales performance amid significant profit margin recovery [1] Group 2: Financial Projections - Morgan Stanley expects the stock price to rise by 5% to 10% following the sales results, driven by investor confidence in the gradual recovery of the company's gross margin to high double digits by 2027 [1] - The forecasted compound annual growth rate (CAGR) for earnings from 2024 to 2027 is over 15%, with a projected price-to-earnings (P/E) ratio of 7 to 8 times [1] - The probability of these projections materializing is estimated to be over 70% [1]